Post Holdings (POST) Reports Prelim. Q1 Numbers; Issues FY15 adj.-EBITDA Outlook

Post Holdings (NYSE: POST) provided certain preliminary unaudited selected financial data for the first quarter of fiscal 2015, and confirmed its previously issued Adjusted EBITDA guidance for fiscal 2015. This release should be read in conjunction with the financial statements and management's discussion and analysis included in the Company's filings with the Securities and Exchange Commission ("SEC"), as well as the matters discussed under "Risk Factors" in the Company's Form 10-K for the fiscal year ended September 30, 2014.

Preliminary Unaudited Selected Financial Data for the First Quarter of Fiscal 2015

The preliminary financial data discussed below consist of estimates derived from Post's internal books and records and have been prepared by, and are the responsibility of, Post's management. The preliminary estimates discussed below are subject to the completion of financial closing procedures, final adjustments and other developments that may arise between now and the time the financial results for the first quarter are finalized. Therefore, actual results may differ materially from these estimates and all of these preliminary estimates are subject to change. In addition, preliminary results for the first quarter are not necessarily indicative of operating results for any future quarter or results for the full year.

The following are preliminary estimates for the fiscal quarter ended December 31, 2014:

• Net sales of approximately $1,074 million; and
• Adjusted EBITDA of approximately $126 million to $128 million.

*** The Street sees Q1 sales of $1.07 billion.

Each of Post's businesses performed consistent with Post management's expectations for the first fiscal quarter, except for Post Foods and Michael Foods which outperformed Post management's expectations.

The above estimates include approximately three months of financial results from the Company's acquisition of the PowerBar and Musashi brands and related assets on October 1, 2014 and approximately two months of financial results from the Company's acquisition of American Blanching Company on November 1, 2014.

In addition, Post's preliminary unaudited estimates for the first quarter of fiscal 2015 provided in this release have been prepared by Post's management based only upon information available to it as of the date hereof, and have not been prepared with a view toward compliance with published guidelines of the Securities and Exchange Commission or the guidelines of the American Institute of Certified Public Accountants for the preparation or presentation of financial information.

Fiscal 2015 Guidance

Post management continues to expect fiscal 2015 Adjusted EBITDA to be between $540 million and $580 million, excluding any contribution from the acquisition of MOM Brands Company ("MOM Brands"), also announced today. Post management expects progressive improvement in quarterly Adjusted EBITDA throughout fiscal 2015 on a consolidated basis. Expected sequential improvement is primarily driven by recovery at Dymatize, seasonality and cost management initiatives at Post Foods and the timing of commodity cost decreases impacting operating results.

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